PowerBand Solutions (TSXV: PBX) this morning reported explosive growth in terms of month over month revenues. The month of August saw revenue increase substantially as the firm continues to develop its online platform for vehicle transactions.
The month of August saw revenues grow 56% from the $2.4 million reported in July sales to $3.7 million, marking the third straight month of substantial revenue growth. Notably, the company last quarter as a whole saw revenues of $4.7 million, demonstrating just how fast revenues have grown for the firm as a whole.
Year to date revenues have hit $13 million. The third quarter alone has accounted for $6.1 million of that, based on just two months of data. Lease originations meanwhile grew to 313 in August, bringing the current quarter to 574 total originations to date, with another month to go.
The company also reported that it is seeing greater depth in its origination results, with 26 dealers originating four or more deals, and 60% of dealers that booked a deal booking two or more. A total of 79 auto dealers booked a deal during the month, a 30% increase month over month. The figures also represent a substantial growth opportunity for the firm, whom in total has over 650 dealerships that are onboarded to conduct transactions on the platform.
“We have achieved consistent double digit sequential growth which underscores the significant demand and virality of our product offering. While OEM’s are pushing out timelines for replenishing inventory levels, we will continue to educate our dealer network and add new dealer groups, positioning the Company to demonstrate the real scaling potential of the business heading into 2022. Our longer-term objective is to onboard 2,000 dealers at 3-4 originations per dealer,” commented Jon Lamb, whom is CEO of DRIVRZ Financial, a subsidiary of the firm.
PowerBand Solutions last traded at $1.20 on the TSX Venture.
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